Kostin: Cryptocurrencies Will Remain Part of the Financial Future

VTB head Andrey Kostin stated that cryptocurrencies will play a significant role in the future of the financial system, despite ongoing debates about regulation. He spoke at the Eastern Economic Forum and expressed a positive attitude towards cryptocurrencies. Kostin emphasized the importance of which specific digital currencies will develop, as private cryptocurrencies face resistance from central banks. The main reasons for regulators' caution include difficulties in controlling monetary policy, the shift of transactions away from banking infrastructure, and risks to financial stability due to volatility and theft. Kostin noted that a parallel market, which does not adhere to conventional regulation, poses a serious challenge for financial authorities. Cryptocurrencies are perceived as tools for investment and a new form of transactions that alter the logic of trust among participants. A wide range of digital assets already exists in the market, divided into coins and tokens. Cryptocurrencies are purchased on exchanges and stored in hot or cold wallets. The main ways to earn include long-term investments, trading, and mining; however, risks remain high. Cryptocurrencies are used for transfers, investments, and payments for goods and services.

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